Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Considering the transactions below: 1 2 / 1 / 2 0 2 3 Purchase 2 0 0 units on account at $ 9 per unit

Considering the transactions below:
12/1/2023 Purchase 200 units on account at $9 per unit and put it into inventory. Terms 2/20 n/30.
22/1/2023 Create an amortization schedule for January loan for 60,000 and make the first payment 1010
32/1/2023 Pay for contract wages accrued in January 1011
42/1/2023 Purchase a delivery truck for $8,000. The truck has a life of 5 years and a salvage value of $5001012
52/1/2023 Purchase six months of vehicle insurance for $2,400. Insurance begins on 2/15/24 and ends on 8/15/24. Insurance expense is recorded at month end. Add to schedule of prepaids 1013
62/1/2023 Pay for postage $301014
72/11/2023 Sell 100 units for for $50 per unit on account with terms 4/10 n/30.
82/14/2023 Pay repairs on delivery truck $3001015
92/15/2023 Purchase 1200 units at $8 per unit on account and put it into inventory. Terms 2/10 n/30.
102/15/2023 Purchase 200 units at $10 per unit and put it into inventory. 1016
112/15/2023 Customer from 2/11/2024 calls and says that the units are blemished. You give them a 10% Sales allowance.
122/15/2023 Pay for inventory purchased on 2/1/24.1017
132/15/2023 Purchase Equipment for $25,000 in exchange for a Note Payable due on the 1st of each month with Terms: 3 years at 6%
142/15/2023 Pay for Equipment to be delivered and installed, $1,4801019
152/15/2023 Pay for inspection of equipment $2001020
162/15/2023 Sell 750 units of product for for $75 per unit for cash
172/15/2023 Pay contract wages $25001021
182/17/2023 Sell 500 units at $85 per unit on account with terms 2/15 n/30
192/20/2023 Customer from 2/11/2024 pays account in full to take advantage of the discout.
202/28/2023 Customer from 2/17/24 pays in full to take advantage of the discount
212/28/2023 Use visa for Truck gas $50
222/28/2023 Pay for water sewer and garbage $3401022
232/28/2023 Pay Visa bill for January charges 1023
How would I finish answering the questions on the image I have given you. Continue with the following:
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting With Integrated Data Analytics

Authors: Karen Congo Farmer, Amy Fredin

1st Edition

1119731860, 9781119731863

More Books

Students also viewed these Accounting questions

Question

Multiply and simplify. sin x(cotx csc x) cin x

Answered: 1 week ago

Question

What would you do?

Answered: 1 week ago